TOHBU NETWORK CO.,LTD.
9036・Standard Market・Land Transportation
Business
Tohbu Network Co., Ltd. is a comprehensive logistics company founded in 1943, listed on the Standard Market of the Tokyo Stock Exchange. The Group, consisting of the Company and three subsidiaries (Tohoku Sanko Co., Ltd., Uozu Unyu Co., Ltd., and TS Unyu Co., Ltd.), operates a transportation network across Honshu and Shikoku, centered on the Kanto region. In its core Motor Truck Transportation Business, the Group handles a wide range of operations from Special Freight Transportation (Industrial Gas, Toxic/Deleterious Substances, etc.) such as beverages, industrial gas, and cement, to 3PL (Logistics Center Operations & Cargo Storage) business, with major clients including large corporations such as Coca-Cola Bottlers Japan Inc. and Nippon Air Liquide G.K. In the Real Estate Leasing Business, the Group operates its own office buildings and logistics centers to secure stable revenue. Consolidated net sales for FY2026 (ending March 2026) were ¥10,077 million.
Business Model
In the core Motor Truck Transportation Business (approximately 91% of net sales), the company combines Special Freight Transportation (Industrial Gas, Toxic/Deleterious Substances, etc.) — covering beverages, industrial gas, cement, and similar cargo — with 3PL (Logistics Center Operations & Cargo Storage) to meet the diverse needs of shippers. The chartered vehicle ratio stands at approximately 38.7%, and the company secures transportation capacity in cooperation with external partner firms. In the Real Estate Leasing Business (approximately 6.5% of net sales), the company leases its own facilities as logistics centers and offices, generating stable earnings with a high profit margin (segment profit margin of approximately 62.9%).
Company Strengths
The company has strengths in special freight transportation requiring advanced safety management and specialized knowledge, such as industrial gas transportation (net sales to Nippon Air Liquide Godo Kaisha of ¥1,216 million, up 19.5% year on year) and cement transportation. Through the full consolidation of Uozu Unyu Co., Ltd. as a wholly owned subsidiary, the group has internalized know-how in the industrial gas and special transportation fields, accumulating specialized expertise that is difficult for competitors to replicate in a short period.
The company owns self-owned logistics centers, including the Tohbu Yokohama Building, as well as facilities in Ebina, Hokuriku, Kobe, Shiga, Hiroshima, and other locations. The Real Estate Leasing Business segment achieves a high segment profit margin of approximately 62.9% (FY2026 (ending March 2026): net sales of ¥657 million, segment profit of ¥413 million). The Tohbu Yokohama Building continues to maintain full occupancy, and the stable rental income structure complements fluctuations in earnings from the core business.
As of the end of FY2026 (ending March 2026), the equity ratio stood at 82.7% and total net assets were ¥20,913 million, indicating extremely high financial soundness. The company has low reliance on interest-bearing debt and secured operating cash flow of ¥803 million (up from ¥737 million in the previous fiscal year). This financial foundation serves as the driving force enabling the company to carry out M&A and capital investments primarily through its own funds, and the consolidation of TS Unyu and Uozu Unyu as subsidiaries was achieved on the back of this financial strength.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), net sales came to ¥10,077 million (down 2.8% year on year), marking a second consecutive year of declining revenue. However, gross profit improved to ¥1,254 million (up 19.8% year on year) thanks to a reduction in cost of sales (from ¥9,324 million in the previous period to ¥8,823 million in the current period). Operating profit rose to ¥270 million (up 44.8%), ordinary profit to ¥370 million (up 48.2%), and net profit to ¥300 million (up 184.4%), showing a marked recovery on the profit side. A significant reduction in impairment losses under extraordinary losses, from ¥153 million in the previous period to ¥27 million in the current period, also contributed to the boost in net profit. Looking at operating profit over the past five periods, it moved from ¥404 million in FY2022, to ¥431 million in FY2023, ¥315 million in FY2024, ¥187 million in FY2025, and ¥270 million in FY2026, entering a turnaround phase with FY2025 as the bottom. As an external factor, rising energy prices stemming from the situation in the Middle East and labor shortages continue to exert cost pressure.
Growth Strategy
Three pillars of growth: expansion of special freight/3PL business, M&A-driven business scale expansion, and revenue structure reform
Accelerating investment in developing specialized personnel for the special freight transportation field, including industrial gas and toxic/deleterious substances. The full consolidation of Uozu Unyu as a wholly owned subsidiary (December 2025) strengthened industrial gas transportation capacity, with revenue improvement progressing including net sales of ¥1,217 million generated from Nippon Air Liquide.
Promoting 3PL expansion into the Kyushu and Hokkaido areas, where public investment and domestic industrial growth are expected. Steadily advancing the establishment of storage and transportation systems for industrial gas used in semiconductor manufacturing, aiming to establish new revenue sources.
Revenue structure reform at T.S. Unyu has steadily progressed two years after becoming part of the Group, driving a doubling of segment profit in the Motor Truck Transportation Business (from ¥170 million in the previous fiscal year to ¥347 million in the current fiscal year). It is expected to continue contributing to performance as a core subsidiary.
In the Transport Service (Vehicle Dispatch Service), promoting operational efficiency through DX initiatives, reviewing the shipper composition in response to logistics rationalization by major shippers, and strengthening transportation collaboration with contracted carriers, thereby building a sales structure capable of responding to future market changes.
Executed a share buyback in November 2025 (expenditure of ¥125 million). The annual dividend for FY2026 (ending March 2026) is ¥20.00 (increased from ¥15.00 in the previous fiscal year), and the forecast for FY2027 (ending March 2027) maintains ¥20.00. The dividend payout ratio decreased to 37.3%, ensuring a sustainable level of shareholder returns.
Last updated: July 19, 2026